Why disappearing cash machines are a good thing

Put an end to this nonsense… Cash needs to be phased out ASAP. Cash is a huge cost to society and one that is totally unnecessary.

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Wow 10/10 for effort. I agree though certain ATM’s especially in more rural locations are easy targets.

Well that cash machine certainly disappeared

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True but not in a way that prevents crime lol!

That’s about 15 miles from me :joy:

I hate it when people try to pay me back in cash :roll_eyes:

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Wouldn’t you feel safer if there was no cash?

Not really. There’s no ATM in my house for them to steal so :man_shrugging:

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We got burgled last week. They went through my wife’s jewellery box, in which she’d hidden £175, and didn’t take it :rofl:

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:pensive: at the burglary

:joy: at the dumb burglars

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The lengths people will go to to get their stuck hot coral card back out of an ATM :joy:

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How would a car boot sale work without cash?

Plus it’s harder to haggle if you pay by card!

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Square, iZettle, Faster Payments, monzo.me, any number of ways… Square and iZettle being easiest for everyone. And why would it make haggling harder?

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Half the people in the south west at car boots / events can’t use a phone, they’ve got no chance using iZettle or monzo. That obviously won’t be the case forever.

It’s easy to offer someone a £40 in notes with a £55 price tag and quite often they’ll go for it. Unless they take card, those places never tend to budge on prices :frowning:

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The rush in a fully cashless direction can forget vulnerable groups such as the elderly where technology can move too quickly.

There are currently fears by pensioners and pension groups in Sweden that the elderly are getting excluded because of that countries march towards a cashless society.

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Surely this title is wrong? If they’re moving away from cashless transactions, they’re moving toward cash, which doesn’t make sense.

That sentence doesn’t appear on the BBC page so I guess its some HTML typo.

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It’s interesting that they haven’t deployed some form of local card/payment network, beyond Swish bank to bank payments. Visa must be ecstatic about the move toward cashless in the country, not that the other card networks will be upset.

Cashless would be nice, with cards being used universally, but they do come at a higher cost to merchants.

For a merchant accepting cash, of a £5 purchase they get £5. For a merchant accepting card, they’ll pay some fees to a payment processor. Stripe, for example, charges 1.4% + 20p. PayPal Here charges 2.75%. I believe the majority, for face-to-face transactions, use Worldpay, Barclays or Lloyds and such services though. These don’t seem to list their pricing clearly on their website, but I imagine theirs are similar / not-negligible (although might be cheaper for face-to-face card payments).

There’s still more hassle to accept card payments, and they’re more expensive. Merchants, especially smaller shops and places where you typically make microtransactions, will find it harder to accept card over cash.

If you want cash to be a thing of the past, the first step would be making it cheaper and easier for merchants to accept card payments. Despite this, there’s also various other issues with phasing out cash. Privacy, the inability for many people to get bank accounts, etc. Ultimately, cash might never be phased out (or at least not in the foreseeable future), but we might be able to increase card adoption.

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I recently found out through this forum that there are fees associated with handling cash that merchants pay, I can’t compare these though.

I 100% see how businesses who take smaller transactions may be put off by card payments but in this modern world they have to learn to adapt to what the customer needs otherwise someone else is going to swoop in and take their place.
I already tend to avoid merchants that only take cash as I live mostly cashless. I doubt I’m the only one moving forward with this trend.

Services such as SumUp charge as little as 1.69% per transaction with no other fees.

This is something that always be improved on though :point_up:

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